Haynes Overcomes Failed Acquisition For Profit

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(Image courtesy of Haynes International.) (Image courtesy of Haynes International.)
KOKOMO -

Kokomo-based Haynes International Inc. (Nasdaq: HAYN) is reporting fiscal third quarter net income of $700,000, compared to a net loss of $4 million during the same period a year ago. The nickel and cobalt-based alloy manufacturer says the swing to profitability was the first in seven quarters. Interim Chief Executive Officer Michael Shor says the results were driven by increased volume, revenue and margins.

Shor took over for Mark Comerford, who announced retirement plans in May after nearly 10 years in the position. Shor is Haynes International's board chairman. The company says expenses in the quarter related to Comerford's retirement total $1.1 million.

Shor says trends are moving in the right direction, however, "continued focus on accelerating improvement in all that we do is our priority. During the quarter, we have launched initiatives focused on increasing volumes, pricing, efficiency and improving our working capital management. During the quarter, we were also actively engaged in pursuing a potential strategic acquisition which ultimately did not result in a purchase agreement. Despite the outcome with respect to that transaction, we remain committed to pursuing alternative strategies to grow shareholder value and strengthen our Company."

Net revenue in the quarter for Haynes International came in at $113.1 million, a more than 15 percent increase from a year earlier. Profit totals were partially offset by $1.5 million in charges connected to the aforementioned acquisition that failed in "late stage negotiations."

You can connect to the full earnings report by clicking here.

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